Slowly but surely, blockchain is starting to deliver on its hype and work its way into the financial mainstream. On Monday, JPMorgan announced that it is using a blockchain-based account validation application on cross-border payments, using a corridor between Taiwan and Indonesia as a proving ground ahead of a wider rollout.
JPMorgan launched its Liink business – then called Interbank Information Network – in 2017, creating what is now a grouping of more than 400 participants developing peer-to-peer blockchain applications within its Onyx business unit, which houses the bank’s blockchain and digital currency efforts.
The holy grail in cross-border payments is the ability to validate account ownership and status before making the payments
One of the applications that has come out of this business is called Confirm, a global account information validation tool that allows participants to seek confirmation of account information and receive responses in near-real time with other participants on the same network. Once validated, a cross-border payment can be sent through another JPMorgan product, the PayDirect clearing solution, which selects the most efficient way to route a payment.
JPMorgan
